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The color pattern and texture of the body of a horned lizard (Phrynosoma platyrhinos) allows it to blend into the ground of the desert in which it lives. This is an example of
Uncollectible Receivables
Accounts receivable that cannot be collected from customers, often written off as a bad debt expense.
Writing Off
The process of acknowledging that a portion of a debt or an asset has become uncollectible or worthless and removing it from the financial statements.
Income Statement
A summary of the revenue and expenses for a specific period of time, such as a month or a year.
Contra Asset
An account on a company's balance sheet that reduces the total amount of the asset accounts, often used to account for depreciation or allowances for bad debts.
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